Finally Some Good News, Washington!
In June, The Center for Regional Analysis (CRA) issued a forecast for the Washington Metro Area’s economic performance. This organization researches the economic, fiscal, demographic, housing, and social climates in the Greater Washington region. The study shed positive light during these tough economic times, proving that the Washington, DC area is slowly, but surely recovering.
- Even with Washington losing jobs daily, we still remain in the lowest percentile. Los Angeles, New York, and Chicago have been hit the hardest…even harder than Detroit.
- CRA reported that job change, or the loss of jobs, varied by industry. As we all know, construction and retail have seen the biggest loss of jobs. Federal government, education and health services, and professional and business services appear to be the front runners in their respective industries.
- When unemployment rates were ranked by city, Washington’s unemployment rate was 3 percentage points below the national average.
- Most credit the Washington area’s stability to federal spending. For the past 20+ years federal spending has increased at a steady rate. Procurement opportunities have also increased, giving more business to small businesses, woman-owned business, veteran-owned business, and much more.
The next question is what can we take away from all of this?
Washington’s economic outlook is starting to look up and hopefully will remain that way. We are in the lowest percentile in the country for jobs lost, we have one of the lowest unemployment rates, and we have the Federal Government providing some insulation. It will take some time to get back to the unemployment rate of 2006, but Washington has the foundation to survive this crisis. Let’s hope the trends continue.
Are you seeing any signs of hope?
To see the complete study called The U.S. and Washington Area Economic Performance and Outlook click here.